Greece Elections

V F · 13 Jul 2015 at 20:27

Slightly but our borrowing has went up.

Freakbro · 13 Jul 2015 at 20:32

dowie said:
by reducing the deficit.. as per the recent budget that some people were getting so butt hurt over

But we virtually always run a deficit, there's nothing wrong in that, the only reason were so focused on reducing it at the moment is because the debt has got out of control. We are paying 8% of our tax take (3% of our GDP) in interest payments.

And don't forget these guys who are saying are so competent had to abandon their policies (austerity to reduce the deficit to zero in the last 5 years) to more investment and only achieve 50% reduction, which is what the other clowns (labour) had said was a realistic aim with their policies.

dowie · 13 Jul 2015 at 20:32

V F said:
Slightly but our borrowing has went up.

yup... and yet we don't find ourselves unable to borrow at reasonable interest rates.....

dunker · 13 Jul 2015 at 20:32

so, uk has a 2 trillion pound credit card? that's mad.

Freakbro · 13 Jul 2015 at 20:34

dunker said:
so, uk has a 2 trillion pound credit card? that's mad.

Which we will never, ever, pay off

glenimp617 · 13 Jul 2015 at 20:35

Does anyone know how long the world ponzi scheme will finally come to an end?

100 years? 200 years?

I guess what I'm asking is when all the politicians finally own up to the fact they have no idea what's going on

The world economic version of this basically....

Bank of mum and dad > interest free buy now pay later > 0% credit card > shopping loan > bank loan > credit card > wonga loan > hard barry from the estate

Naff8000 · 13 Jul 2015 at 20:40

What ponzi scheme? Debts are being repaid, otherwise they couldn't borrow more.

Jokester · 13 Jul 2015 at 20:41

Naff8000 said:
What ponzi scheme? Debts are being repaid, otherwise they couldn't borrow more.

Read up on Fractional Reserves.

dunker · 13 Jul 2015 at 20:42

who does uk owe this money to? and what insane organisation is lending us this money?

glenimp617 · 13 Jul 2015 at 20:43

Naff8000 said:
What ponzi scheme? Debts are being repaid, otherwise they couldn't borrow more.

Politics my friend, politics. It's not just about the economy, there are a lot more variables.

debts are being paid with more debt.

My question however, wasn't just based on this latest fiasco...rather a general one with the world economy as a whole.

dowie · 13 Jul 2015 at 20:43

Jokester said:
Read up on Fractional Reserves.

read up on ponzi schemes...

Naff8000 · 13 Jul 2015 at 20:43

Jokester said:
Read up on Fractional Reserves.

A ponzi scheme is disguised as something else entirely. Everyone can see how much the UK owes, yet they still lend.

glenimp617 · 13 Jul 2015 at 20:43

Jokester said:
Read up on Fractional Reserves.

nail on the head :cool:

dowie · 13 Jul 2015 at 20:44

glen8 said:
debts are being paid with more debt.

that happens when you run at a deficit... thus the need to cut it and try to get to the position where we're running at a surplus for a while

glenimp617 · 13 Jul 2015 at 20:46

dowie said:
that happens when you run at a deficit... thus the need to cut it and try to get to the position where we're running at a surplus for a while

How long do we think it will take the UK to become debt free (or as close to it as possible)

dowie · 13 Jul 2015 at 20:46

debt free? No one is aiming to be debt free any time soon

glenimp617 · 13 Jul 2015 at 20:47

A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

=====

As of Q1 2015 UK government debt amounted to £1.56 trillion, or 81.58% of total GDP, at which time the annual cost of servicing (paying the interest) the public debt amounted to around £43bn (which is roughly 3% of GDP or 8% of UK government tax income).

glenimp617 · 13 Jul 2015 at 20:48

dowie said:
debt free? No one is aiming to be debt free any time soon

you'd make a bloody good politician

dowie · 13 Jul 2015 at 20:48

glen8 said:
A Ponzi scheme is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned by the operator.

=====

As of Q1 2015 UK government debt amounted to £1.56 trillion, or 81.58% of total GDP, at which time the annual cost of servicing (paying the interest) the public debt amounted to around £43bn (which is roughly 3% of GDP or 8% of UK government tax income).

so nothing to do with a ponzi scheme then...

glenimp617 · 13 Jul 2015 at 20:48

dowie said:
so nothing to do with a ponzi scheme then...

debatable